Define a contract? What are essentials of a contract?

Vartika · 11 May 2025

As per the provisions of the Indian contract act 1872, contract is defined in section 2(h) as , " any agreement that is legally enforceable by law " Essentials of valid contract given in section 10 are •free consent •agreement •lawfull object •lawfull consideration •not expressely declared to be void •competency of the parties Essentials which are not given in section 10: •two parties •possibility of performance •certainity of meaning •fulfill legal formalities •create legal relationship

Keshu · 11 May 2025

According to section 2(e) of Indian Contract Act 1872 Contract is an agreement enforceable by law Essential elements of a valid contract Section 10 of Indian contract act provides the following 6 essential elements of a contract Agreement Lawful consideration (sec 23) Lawful object (sec 23) Free consent (sec 13 to 22) Competency of parties (sec 11) Not expressly declared void There are five other essential elements of a contract not given in section 10 Two parties Intention to create legal obligation (case balfour v balfour 1919) Legal Formalities Certainty of meaning (sec 29) Possibility of Performance

Mayank · 10 May 2025

Contract is an agreement enforceable by law . The essential of contract are 1. Agreement 2. Enforceable by law